GT3RS Gen2 Insurance now they're worth more...

[PorkaFly]

So rather than this get lost in the "scaffolding debate" on the thread below...those of is that have these cars now have somewhat of a dilemma with regard to insuring them, now the market has risen rapidly over the last 8mths.

So I seek some advise...what are the rest of you doing or going to do at renewal? I still intend to track and use mine as before, but who will provide an agreed value cover and track day cover (5ish) for what is a £130-£150k car? Not worried about the excess.

What's the consensus?

Who do you use PistolP for your fleet?

Txs
PF

[IainF]

Do you really want an agreed value policy? If values keep rising, then won't the figure you agree at the start of the insurance year get left behind over the next 12 months? A standard "market value" policy will give you the value at the date of the loss (subject to the usual to and fro on negotiation), so as long as you declare a sensible opening value at the start of the policy then that might be a better way to go.

My policy is a market value one with Manning, although I see they are pulling their inclusive European TD cover

[AndrewIC]

I would guess market value would make the most sense, although might be worth asking where your insurer gets the market value from, as if it from the likes of a trade guide book, then I doubt that will reflect the current market increases.

[d16rr]

I use Porsche Insurance through Marsh and have asked for the value to be increased to 130K, an extra 30 pounds per year. I need to call them and increase it again looking at what cars have sold for recently. When I spoke with them they said it was the best thing to do, speaking to other people I know in the insurance industry they recommended this course of action too. Would also be interested in what others are considering or have done with theirs.

[grale23]

I was charged an extra £85 per year for an increase of £17k in value for my GT3RS gen 1 !
Who is Marsh ? TIA.

[Skittles001]

I'm on an agreed value policy and have had a reputable dealer revalue the car and send the letter to my insurance co. with the new higher amount. The increase in value over where I had set the policy at initially (depreciated over my initial purchase last year) was significant but made a small impact on the premium. I guess I'm undervalued this way until the car is once again revalued which will be a minimum of once a year. Perhaps market value is the way to go...

[IainF]

grale23 said:

I was charged an extra £85 per year for an increase of £17k in value for my GT3RS gen 1 !
Who is Marsh ? TIA.

Marsh Limited is the UK arm of Marsh and McLennan, a US company and one of the biggest insurance brokers in the world. They are not an insurer as such, but an intermediary. They look after the Porsche insurance offering. It is most likely that they will be doing this under what is known as a delegated authority, where they write the business on behalf of one or more actual insurers, who sit behind the scheme.

[neil-f]

Lockton admin the Porsche owners club scheme and do agreed value policy with Chubb, track day cover included.

[isaldiri]

neil-f said:

Lockton admin the Porsche owners club scheme and do agreed value policy with Chubb, track day cover included.

Trackday cover is including in the lockton's chubb scheme? really?

[Skittles001]

isaldiri said:

Trackday cover is including in the lockton's chubb scheme? really?

Yes indeed. Unlimited number of track days too. I switched to them from Marsh/Porsche insurance this year as they were also a good 20% cheaper too and I got fed up of having to hold for half an hour any time I wanted to speak to Marsh.

[isaldiri]

Skittles001 said:

Yes indeed. Unlimited number of track days too. I switched to them from Marsh/Porsche insurance this year as they were also a good 20% cheaper too and I got fed up of having to hold for half an hour any time I wanted to speak to Marsh.

good lord you are right. Just rechecked and I have been utterly blind to have missed that by just assuming it was just the same as another car which trackdays are explicitly not covered.... Now that's a relief the next time I go to silverstone!